By Kate McClymont and Perry Duffin
A warrant has been issued for the arrest of embattled Sydney property developer Jean Nassif who is believed to be travelling between Lebanon, Singapore and the Philippines.
Detectives from the Organised Crime Squad applied for the warrant on Thursday over an alleged large-scale fraud for which his daughter Ashlyn has been charged.
Jean Nassif, aged 55, is wanted over an outstanding warrant in relation to alleged fraud-related offences. Credit: Police Media
Ashlyn Nassif, 29, whose law licence was recently suspended, was charged with falsifying documents to keep money flowing from a $150 million Westpac bank loan to her father’s property empire.
A source close to Nassif, 55, told this masthead that the developer was understood to be moving between Lebanon and south-east Asia.
Nassif was sounding out plans to return to Sydney “through any means possible” including other countries which had less-than-thorough departure checkpoints, the source added.
Nassif has indicated to his confidants he wants to avoid being arrested at an airport. Instead, he desires to front up to authorities on his own terms and meet with his family who remain in Australia.
Ashlyn Nassif departs Surry Hills Police Station.Credit: Brook Mitchell
But, simultaneously, Nassif is said to be “paranoid” suspecting “his closest allies” may have turned against him and are speaking with authorities, according to the source.
Nassif recently posted cryptic comments on his Facebook page. One read, “You go from being their soulmate and the center (sic) of their universe – to nothing you ever did being good enough!”
He also posted, “You’re left behind drained in every aspect of your life: mentally, emotionally, spiritually and often financially!”
The Herald can reveal that Nassif has recently been busy borrowing millions of dollars using properties as security.
Nassif finalised an agreement on Thursday to borrow money from a company run by scaffolder Antoine Khouzame. Nassif offered as security the waterfront house he bought in Chiswick in 2015 for $4.9 million.
His Chiswick home has also been offered as security for another loan.
Documents show that EA Legal, the law firm run by his two daughters Evelyn Nassif Helou (who has not been charged with any offence) and the suspended Ashlyn, filed a caveat last month.
The caveat reflects that Nassif’s troubled development firm Toplace lent Nassif an unspecified amount of money.
The infamous yellow Lamborghini and its owner, Nisserine Nassif, went viral in 2019.Credit: Instagram
The developer also struck an agreement to borrow almost $6 million from a lending company associated with insolvency firm Cor Cordis. Four apartments owned by a Nassif company in Mascot have been used as security.
The six-month loan began on May 31, with the facility limit being $5.665 million with an interest rate that varies between 25 per cent and 30 per cent per annum.
Meanwhile, two of Nassif’s development companies have been placed in the hands of administrators. The two companies own Nassif’s troubled Skyview apartment towers, in Sydney’s Castle Hill. Land title records for the Skyview property show that Nassif has borrowed money from a number of companies domiciled in the tax haven of the British Virgin Islands.
Meanwhile, a Nassif company is embroiled in a Supreme Court battle with another lender, whose principal this week was charged with rape.
Last month the NSW Court of Appeal found that Toplace will have to fork out more than $5 million for defective building work on its 28-storey development in Parramatta.
Apart from the NSW police, officers from the Independent Commission Against Corruption are also understood to be keen to speak to Nassif in relation to its investigation into the Hills Shire Council.
The inquiry is understood to have been prompted by claims first raised in parliament by NSW Liberal MP Ray Williams alleging senior members of his party had been “paid significant funds” to introduce new councillors who would support future development applications for Nassif.
Peter Faux, Detective Superintendent from the State Crime Command Organised Crime Squad, said: “Mr Nassif, obviously we have the arrest warrant for your arrest. We encourage you to come forward and speak to detectives at the earliest convenience.”
Developer Jean Nassif and his wife Nisserine.Credit: Instagram
Speaking outside the Surry Hills police station on Friday, Faux said Nassif’s warrant was for the same “large scale” fraud alleged against his daughter Ashlyn, who remains before the courts.
The detective superintendent said police did not know where in the world Nassif was holed up.
“We’re seeking assistance in relation to either people who are aware of his whereabouts, or if Mr Nassif wants to come forward and speak to detectives,” Faux said.
If Nassif was located offshore, in Lebanon or elsewhere, Faux said NSW Police would begin talking to foreign governments about extradition.
“We’re now looking at those options in relation to if he’s offshore, talking to the appropriate people,” Faux said.
The Morning Edition newsletter is our guide to the day’s most important and interesting stories, analysis and insights. Sign up here.